Runjian (SZ:002929) Tianfeng Securities·2024-05-06 08:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [3][10][29]. Core Insights - The company achieved a revenue of 8.83 billion yuan in 2023, representing a year-on-year growth of 8.17%, and a net profit attributable to the parent company of 439 million yuan, up 3.38% year-on-year [10]. - The communication network business generated 4.56 billion yuan in revenue, growing 4.23% year-on-year, while the information network business saw a decline of 12.60% to 2.11 billion yuan, primarily due to macroeconomic pressures [1]. - The energy network business experienced significant growth, with revenue increasing by 61.71% to 1.85 billion yuan, and the computing power business grew by 36.54% to 308 million yuan, driven by the AIGC wave and expansion into large clients [1][3]. Revenue and Profit Forecast - The forecast for net profit attributable to the parent company is adjusted to 630 million yuan for 2024 and 820 million yuan for 2025, with an expected net profit of 1.04 billion yuan in 2026, corresponding to PE ratios of 16, 12, and 10 times respectively [3][10]. - The company anticipates a recovery in the information network business as the macroeconomic environment improves, which could lead to a gradual rebound in demand [1][3]. Order Backlog and Business Expansion - The company reported a year-on-year increase of over 30% in its order backlog, amounting to 16.97 billion yuan by the end of 2023, indicating strong future revenue potential [13]. - The company is actively collaborating with leading domestic computing power enterprises, enhancing its capabilities in computing power, IDC, communication, digitalization, and new energy sectors [5][31]. Financial Performance Metrics - The company’s gross margin for 2023 was 17.92%, with expectations for a recovery in gross margin in the upcoming quarters [11][13]. - The financial projections indicate a steady increase in operating revenue, with estimates reaching 16.72 billion yuan by 2026, reflecting a compound annual growth rate of approximately 22.38% [34].